The Hornets would like to re-sign Jannero Pargo, but he is drawing interest from Europe.

According to website eurobasket.com, Olympiakos is closer than ever to sign the Pargo.

New Orleans Hornets owner George Shinn has agreed to sell 25 percent of his NBA franchise to two investors with ties to Louisiana.

One of the men is Gary Chouest, owner of a Galliano offshore supply company, said a source who works in the NBA and did not want to be identified prior to a scheduled formal announcement on Tuesday night.

Chouest owns Edison Chouest Offshore, whose boats and barges ferry supplies and people to offshore oil and gas rigs and platforms.

Shinn has been seeking investors to reduce a large debt from buying out former minority partner Ray Wooldridge in January 2005, and he has said hoped selling to local investors would prove to fans and potential sponsors that he was serious about trying to make the Hornets' return to New Orleans a long and successful one.

According to recent surveys by Forbes magazine, the Hornets are worth around $248 million, meaning a one-quarter share would run around $62 million.

Free agent guard Morris Peterson signed with the Hornets on Monday, joining New Orleans after playing the first seven years of his career with Toronto.

"Morris was our top free agent target this summer, so this is an exciting day for the team and our fans," Hornets general manager Jeff Bower said in a statement. "He is a reliable veteran scorer who can stretch the defense with his 3-point range, which is exactly the role we were looking to fill."

Former Hornets forward Brandon Bass gave consistent performances during the four games he played for the Dallas Mavericks' summer league team. After giving that type of effort, there is a chance he could land a contract offer from Dallas, although the Hornets have the right to match it because Bass is a restricted free agent.

Bass averaged 14.8 points, 6.2 rebounds and shot 57.6 percent from the field during the Las Vegas Summer League. During two seasons with the Hornets he did not develop at the pace Coach Byron Scott desired.

The Miami Heat, Indiana Pacers and Hornets remain interested in signing Jannero Pargo, who averaged 9.2 points last season while playing in all 82 games with the Hornets.

If the Hornets don't re-sign Pargo, they could pursue Houston backup guard John Lucas in a trade. Lucas has one year remaining on his contract with the Rockets.

Desmond Mason is headed back to the place where he enjoyed his most success.

The athletic swingman will sign with the Bucks on Monday.

Mason will be introduced at a Noon EDT news conference.

The 2001 Slam Dunk Champion, Mason played with the Bucks for two-plus seasons (2003-05). He averaged a career-high 17.2 points in his final campaign with the club, then was traded to the Hornets.

Houston's acquisition of Steve Francis could lead to other moves.

GM Daryl Morey has said he would look to move point guard John Lucas III. He has spoken to several teams, including New Orleans.

2K Sports has announced that its new cover star will be New Orleans Hornets point guard Chris Paul.

Set for release this fall, NBA 2K8 will be available on the Xbox 360, PlayStation 3, and PlayStation 2. It has not yet been rated or priced.

During an NBA-run basketball clinic for children Tuesday on the campus of Tulane University, Clyde Drexler and second-year Hornets player Hilton Armstrong helped the NBA unveil its new logo for the 2008 All-Star Game.

The symmetrical, circular logo incorporates much of New Orleans' heritage, with two fleur-de-lis symbols, eight brass horns and fringe detail that resembles the cast-iron lace adorning French Quarter balconies.

Drexler said it was important to him to be part of promotional events surrounding the All-Star weekend in New Orleans, a city where he lived as a toddler and returned to often to see relatives after his mother had moved to Houston.

"Any time I'm here it's like home," Drexler said.

Demond Mason is on the verge of becoming a Milwaukee Buck once again.

Mason, who played two-plus seasons for the Bucks before being traded to New Orleans two seasons ago, is close to signing a multi-year contract with the Bucks. The amount of the contract is unknown.

Word of Mason signing with the Bucks spread among NBA officials attending an NBA summer league here Saturday, and Bucks general manager Larry Harris acknowledged his talks with Roger Montgomery, Mason's agent, were positive.

"It sounds like a broken record, but I'm optimistic,'' Harris said in a telephone interview Sunday night. "We had some great discussions today.''

Montgomery echoed those sentiments.

"We're optimistic about getting a deal done,'' Montgomery said in a telephone interview from his home in San Antonio, Texas.